Polaris Posts Record Results for 2022, Indian Motorcycle Retail Unit Sales Up Low-Single Digits Percent
Polaris has reported a record full year worldwide sales of $8,589m in 2022, up 15% compared to 2021. Record fourth quarter sales were $2,404m, up 21% compared to last year.
Diluted earnings per share from continuing operations was also a record, at $10.04, up 27% versus 2021; adjusted diluted earnings per share from continuing operations was $10.40, up 15%.
Primary sales drivers for the fourth quarter are cited as being higher volumes, strong pricing and favorable mix, offsetting foreign exchange-related headwinds. Retail sales for the quarter were down 6% versus last year despite improving performance in utility Off Road and Indian Motorcycle, offset by softness in recreational Off Road demand.
The On Road Segment results from its January 31st Q4/FY2023 financial year announcements are also said to have been primarily driven by sales being bolstered by a modestly improving supply chain environment, as well as favorable mix and price.
North America unit retail sales for Indian Motorcycle were up low-single digits percent. North America unit retail sales for the comparable motorcycle industry were down mid-single digits percent.
Mike Speetzen, Polaris Inc. CEO, is quoted as saying that the company ended 2022 strongly. "We delivered record full year sales and earnings, a testament to our team’s focus, dedication and execution.
"Throughout the year, we continued to assert our position as the global leader in powersports by renewing our commitment to our core businesses, delivering rider-driven innovation and successfully navigating a challenging environment.
"Looking ahead, we see significant opportunity for success supported by a strong pipeline of new products and continued supply chain improvement. Although macroeconomic headwinds may persist in 2023, our team remains agile and poised to deliver industry-leading innovation that is consistent with the Polaris brand."
Of its Q4 worldwide sales of $2,40m (up 21% versus the fourth quarter of 2021), North America sales of $2,108m represented 88% of total company sales and increased 23% from $1,715m in 2021. International sales of $296m represented 12% of total company sales and increased 7% versus the fourth quarter of 2021.
Snow season-to-date unit retail sales were down due to sale and ship holds associated with recalls. Polaris North America ORV unit retail sales were down mid-single digits percent. Estimated North America industry ORV unit retail sales were down low-single digits percent.
The company expects 2023 sales to be flat to up 5% versus 2022.